Financial Services

Sanderson takes on agent general role OUTGOING Fremantle Ports chief executive Kerry Sanderson (pictured) has been appointed as the new Western Australian representative in Europe.

Plans to turn over ownership of the state's $9 billion superannuation manager GESB to 295,000 members have been thrown into disarray, with the body and the government apparently unable to conclude a deal at the 11th hour.

ARC Energy's erstwhile substantial shareholder and its corporate thorn in the side, Mineralogy, finally announced a notice of ceasing to be a substantial shareholder in Arc on June 11, fully six months after it began to sell its holding last December.

West Perth-based Giralia Resources NL will soon have a healthy bank balance of $77 million after it finalised the sale of its remaining interest in fellow Perth company Red Hill Iron Ltd.

The legal stoush between Subiaco-based explorer TNG Ltd and the Commonwealth government has been adjourned until August as the company's share price jumps 68 per cent on the discovery of high-grade iron in the Northern Territory.

West Perth-based Alchemy Resources Ltd has expanded its footprint in the gold sector following a move to acquire the Western Australian division of Polymetals Group Pty Ltd which holds gold projects near Kalgoorlie.

Subiaco-based Balkans Gold Ltd will undergo a name change as it expands its geographical reach to Africa following an agreement to acquire West African Resources Ltd for $1.5 million.

Another financial year is over and some investors may be licking the wounds from one of the worst trading years since 1987, but the Agri sector has proved to be a boon for some shareholders.

Sydney-based resource investment firm RIMCapital Ltd has backed Yilgarn Infrastructure Ltd's proposal to develop the Oakajee port, by subscribing for $2 million worth of shares.

Euroz Ltd has reported a jump of 91 per cent in its unaudited net profit after tax for the 2008 financial year but, as it usually does, has cautioned the market that continued profitability will be dependent on the market.

East Perth-based explorer Aragon Resources Ltd has entered into the phosphate game, acquiring Territory Phosphate Pty Ltd for an initial figure of $2.7 million in scrip.

Plans to turn over ownership of the state's $9 billion superannuation manager GESB to 295,000 members have been thrown into disarray, with the body and the government apparently unable to conclude a deal at the 11th hour.

BC Iron Ltd will move to feasibility study stage over its Nullagine iron ore project in the Pilbara, following a scoping study that estimated a capital cost of $85 million.

West Perth-based Great Southern Ltd has posted a drop of 24 per cent in sales of its managed investment schemes projects over the 2008 financial year.

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Boutique brewing company Oz Brewing Ltd has stopped short of entering the shed and accommodation manufacturing sector after it terminated agreements to buy Shedco Group Pty Ltd.

Perth is the only capital city to have posted a fall in house prices in the year to May, defying a flat national trend, according to data released today.

Redcliffe-based Coventry Group Ltd plans to use the $16 million received from the sale of two businesses and a property to repay debt.

The resource boom has somewhat helped to cushion Western Australia from a downturn in initial public offer activity, with the state producing five of the 10 best performing floats.

The Australian Securities and Investment Commission have disqualified South Perth man Richard Trainer from managing corporations for 18 months.

ArcelorMittal's major shareholder, Lakshmi Mittal, is reportedly considering entering the takeover battle for Rio Tinto Ltd to secure larger supplies of iron ore.

The state government has given $6 million from its $36.5 million Low Emission Energy Development fund to two companies to develop technology to help reduce Western Australia's greenhouse gas emissions.

Perth-based Jupiter Energy has today unveiled plans to expand its footprint in Kazakhstan with plans to purchase half of the North West Zhetybai oil field for $27 million.

Perth-based Hazelwood Resources Ltd has reached in principle agreement with a number of investors to raise up to $3 million to progress studies at its wholly-owned Big Hill tungsten project.

The Environmental Protection Authority has today recommended approval of Grange Resources Ltd's Southdown magnetite iron project in the state's South West region.

Despite the turmoil hitting Futuris Corporation Ltd, its part-owned Elders Rural Bank expects its net profit after tax for fiscal 2008 to increase by at least 10 per cent.

The Australian Securities Exchange has released for the first time a comprehensive review of disclosure of director's interest notices, which found 13 per cent of notices were in breach of rules.

Despite a bloody day on the bourse, South Perth-based gold explorer Noble Mineral Resources Ltd opened at a 40 per cent premium to its issue price.

With two identical takeover bids on the table for Perth-based Herald Resources Ltd, the company has today recommended its shareholders to accept either offer.

National Australia Bank Ltd has declined to comment on reports that it had talked to advisers in London about the merits of a tilt at BankWest.

West Perth-based explorer Silver Swan Group Ltd today announced it has received firm commitments to raise $1.2 million via a share placement to fund exploration at its suite of projects in the Meekatharra area.

Perth-based iron ore miner Portman Ltd has increased its iron ore prices, following Rio Tinto Ltd's new deal with Baosteel, as it falls short of its $241 million off-market share buy-back.